Kamsvag informed that Norway is keen to expand its economic presence in India.

NEW DELHI: GST is a good example of India speeding up its economic reform process and Norway's sovereign wealth fund, the world's biggest such fund, is willing to increase exposure in India, according to Norwegian Ambassador to India Nils Ragnar Kamsvag.

"GST is another good example of India speeding up its economic reforms process. We are very upbeat about seeing India take such measures as these will help not only India emerge as a very strong economy in the world, but give a boost also for Norway's trade relations with India. GST is another milestone in strengthening India's economic position globally," Kamsvag told ET in a freewheeling chat amid steps by the Narendra Modi government to ease the process of doing business in India.

He said that Norway is keen to expand its economic presence in India and that Norwegian sovereign fund is looking to increase exposure in the growing markets here. The value of Norway's sovereign wealth fund rose to a record 8 trillion Norwegian crowns ($935 billion) on Tuesday, data from its manager showed.

The fund, run by a unit of the central bank, invests proceeds from Norway's oil and gas industry in foreign stocks, bonds and real estate, and is now worth more than 2.5 times the country's annual gross domestic product. Over the last three years, the Norwegian government took policy initiatives to considerably increase investments by Government Pension Fund Global in India to approximately $9 billion.

The envoy pointed out that the sovereign fund is one of the important factors giving Norway a strong economic footing. Norway has topped the global happiness rankings for 2017.

"Main factors found to support happiness are caring, freedom, generosity, honesty, health, income and good governance. Norway ranks high on all the above. The report suggests that the key to the high Norwegian rankings is not only the oil wealth, but also the way the Norwegian sovereign fund is managed. There must be slow use of resources and proceeds have to be invested," said Kamsvag.